Parkmead Group has reported a “transformative” year as it continues to build its position in renewable energies.
Its shift from oil and gas over the year to the end of June means the non-hydrocarbon share of total revenues increased for the third consecutive year to 15% of revenue (2024: 12%)
Given that Aberdeen-based Parkmead is no longer an offshore licence operator in the North Sea, with all the regulatory aspects and operational demands that entails, it has reduced staff levels and office space by over 40%.
Parkmead advanced its renewable energy projects, including the Glenskinnan Renewable Energy Park, and saw electricity production increase by 6% to 2,717 MWh at Kempstone Hill wind farm, while its Netherlands gas assets continue to provide valuable cash flow.
Profit before tax came in at £7.5m, from £1m in the previous year.
Executive chairman Tom Cross said: “Parkmead has delivered a year of exceptional results, through strong operational performance and by securing a strategic divestment of our offshore North Sea oil licences. Together these have strengthened our finances significantly and achieved earnings of over 6.7 pence per share.
“Our Net Assets have built to £27 million, which is equivalent to 25 pence per share.
“Parkmead continues to benefit from a balanced approach to building its portfolio and is increasing its exposure to the UK renewables market. The Glenskinnan Renewable Energy Park is aligned to the new UK Government targets for onshore wind.
The group’s robust financial position provides Parkmead with a distinct advantage as we seek to further enhance shareholder value through growth opportunities across the Group.”
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